REG-Bisichi Mining PLC: Final Results <Origin Href="QuoteRef">BISI.L</Origin> - Part 3
30/04/2015 16:10
- Part 3: For the preceding part double click ID:nPRrUE78Db
13 65 498 563 - 99 99
joint ventures
Profit before interest 1,516 411 1,927 137 85 222
and taxation
Interest receivable 234 - 234 235 - 326
Interest payable 6 (593) - (593) (446) - (446)
Profit before tax 4 1,157 411 1,568 17 85 102
Taxation 7 (348) (17) (365) 98 164 262
Profit for the year 809 394 1,203 115 249 364
Attributable to:
Equity holders of the 709 394 1,103 106 249 355
company
Non-controlling 26 100 - 100 9 - 9
interest
Profit for the year 809 394 1,203 115 249 364
Profit per share - 9 6.64p 3.69p 10.33p 1.00p 2.35p 3.35p
basic
Profit per share - 9 6.57p 3.65p 10.23p 0.99p 2.31p 3.30p
diluted
Trading income reflects all the trading activity on mining and property
operations. Revaluation Income reflects the revaluation of investment
properties and other assets within the group and any proportion of these
amounts within Joint Ventures. The total column represents the consolidated
income statement presented in accordance with IAS 1.
Consolidated statement of comprehensive income
for the year ended 31 December 2014
2014 2013
£'000 £'000
Profit for the year 1,203 364
Other comprehensive income:
Items that may be subsequently recycled to the income statement:
Exchange differences on translation of foreign operations (121) (858)
Transfer of gain on available for sale investments 56 -
Taxation (15) -
Other comprehensive income for the year net of tax (80) (858)
Total comprehensive income for the year net of tax 1,123 (494)
Attributable to:
Equity shareholders 1,036 (409)
Non-controlling interest 87 (85)
1,123 (494)
Consolidated balance sheet
at 31 December 2014
Notes 2014 2013
£'000 £'000
Assets
Non-current assets
Value of investment properties 10 11,575 11,559
Fair value of head lease 30 195 196
Investment properties 11,770 11,755
Mining reserves, plant and equipment 11 6,064 7,096
Investments in joint ventures accounted for using equity 12 2,898 3,235
method
Loan to joint venture 12 1,040 984
Other investments 12 152 151
Total non-current assets 21,924 23,221
Current assets
Inventories 15 1,760 1,756
Trade and other receivables 16 6,860 8,659
Corporation tax recoverable 35 36
Available for sale investments 17 796 822
Cash and cash equivalents 2,838 1,707
Total current assets 12,289 12,980
Total assets 34,213 36,201
Notes 2014 2013
£'000 £'000
Liabilities
Current liabilities
Borrowings 19 (2,139) (8,042)
Trade and other payables 18 (4,986) (8,080)
Current tax liabilities (23) (2)
Total current liabilities (7,148) (16,124)
Non-current liabilities
Borrowings 19 (6,013) (118)
Provision for rehabilitation 20 (930) (874)
Finance lease liabilities 30 (195) (196)
Deferred tax liabilities 22 (2,208) (1,902)
Total non-current liabilities (9,346) (3,090)
Total liabilities (16,494) (19,214)
Net assets 17,719 16,987
Equity
Share capital 23 1,068 1,064
Share premium account 258 249
Translation reserve (1,677) (1,569)
Available for sale reserve 41 -
Other reserves 24 652 587
Retained earnings 16,973 16,297
Total equity attributable to equity shareholders 17,315 16,628
Non-controlling interest 26 404 359
Total equity 17,719 16,987
These financial statements were approved and authorised for issue by the board
of directors on 27 April 2015 and signed on its behalf by:
A R Heller G J Casey Company Registration No. 112155
Director Director
Consolidated statement of changes in shareholders' equity
for the year ended 31 December 2014
Share Share Translation Other Retained Total Non- Total
capital Premium reserves Available-for-sale reserves earnings £'000 controlling equity
£'000 £'000 £'000 reserves £'000 £'000 interest £'000
£'000 £'000
Balance at 1 1,056 169 (805) - 528 16,367 17,315 444 17,759
January 2013
Revaluation of - - - - - (53) (53) - (53)
investment
properties
Other income - - - - - 408 408 9 417
statement movements
Profit for the year - - - - - 355 355 9 364
Other comprehensive - - (764) - - - (764) (94) (858)
income
Total comprehensive - - (764) - - 355 (409) (85) (494)
income for the year
Dividend (note 8) - - - - - (425) (425) - (425)
Share issues 8 80 - - - - 88 - 88
Equity share - - - - 59 - 59 - 59
options
Balance at 1 1,064 249 (1,569) - 587 16,297 16,628 359 16,987
January 2014
Revaluation of - - - - - (6) (6) - (6)
investment
properties
Other income - - - - - 1,109 1,109 100 1,209
statement movements
Profit for the year - - - - - 1,103 1,103 100 1,203
Other comprehensive - - (108) 41 - - (67) (13) (80)
income
Total comprehensive - - (108) 41 - 1,103 1,036 87 1,123
income for the year
Dividend (note 8) - - - - - (427) (427) (42) (469)
Share issues 4 9 - - - - 13 - 13
Equity share - - - - 65 - 65 - 65
options
Balance at 31 1,068 258 (1,677) 41 652 16,973 17,315 404 17,719
December 2014
Consolidated cash flow statement
for the year ended 31 December 2014
Year Year
ended ended
31 31
December December
2014 2013
£'000 £'000
Cash flows from operating activities
Operating profit 1,364 123
Adjustments for:
Depreciation 2,682 2,817
Share based payment expense 65 120
Loss/(Gain) on investment held for trading 82 (40)
Unrealised loss on investment properties 6 53
Unrealised (gain)/loss on other investments (1) 1
Share of profit of joint venture - -
Cash flow before working capital 4,198 3,074
Change in inventories (4) 120
Change in trade and other receivables 2,438 (2,320)
Change in trade and other payables (2,940) 433
Change in provisions - 15
Cash generated from operations 3,692 1,322
Interest received 234 326
Interest paid (506) (357)
Income tax received (14) 11
Cash flow from operating activities 3,406 1,302
Cash flows from investing activities
Acquisition of reserves, plant and equipment (1,903) (3,060)
Disposal/(acquisitions) of investments - (102)
Cash flow from investing activities (1,903) (3,162)
Year Year
ended ended
31 31
December December
2014 2013
£'000 £'000
Cash flows from financing activities
Borrowings drawn 5,902 39
Borrowings repaid (5,000) (96)
Equity dividends paid (427) (425)
Net proceeds from issue of ordinary shares 13 27
Cash flow from financing activities 488 (455)
Net Increase/(decrease) in cash and cash equivalents 1,991 (2,315)
Cash and cash equivalents at 1 January (1,322) 718
Exchange adjustment 50 275
Cash and cash equivalents at 31 December 719 (1,322)
Cash and cash equivalents at 31 December comprise:
Cash and cash equivalents as presented in the balance sheet 2,838 1,707
Bank overdrafts (secured) (2,119) (3,029)
719 (1,322)
Group Accounting Policies
for the year ended 31 December 2014
Basis of accounting
The results for the year ended 31 December 2014 have been prepared in
accordance with International Financial Reporting Standards (IFRS) as adopted
by the European Union and with those parts of the Companies Act 2006 applicable
to companies reporting under IFRS. The principal accounting policies are
described below:
The group financial statements are presented in £ sterling and all values are
rounded to the nearest thousand pounds (£000) except when otherwise stated.
Going concern
The group has considerable financial resources available at short notice
including cash, held for trading investments and its £2m loan to Dragon Retail
Properties Limited which is repayable on demand. In addition its investment
property assets benefit from long term leases with the majority of its tenants.
Black Wattle Colliery, its direct mining asset, experienced an improvement in
profitability and cashflow in the second half of 2014. The directors expect
that that the market conditions experienced in the second half of 2014 will be
similar going into 2015.
The directors therefore have a reasonable expectation that the mine will
continue to achieve acceptable levels of profitability in 2015. As a
consequence, the directors believe that the group is well placed to manage its
business risks successfully.
In October 2013, an increase in the structured trade finance facility from
R60million (South African Rand) to R80million was signed by Black Wattle
Colliery (Pty) Limited ("Black Wattle") with Absa Bank Limited, a South African
subsidiary of Barclays Bank PLC. The facility is renewed annually at 30 June
and is secured against inventory, debtors and cash that are held in the group's
South African operations. This facility comprises of a R60million revolving
loan to cover the working capital requirements of the group's South African
operations, and a R20million loan facility to cover guarantee requirements
related to the group's South African mining operations. During the year Black
Wattle breached one of the covenants of the facility related to the accounting
net asset value of the company. Due to the improved performance of the company
the breach was subsequently rectified and the breach did not affect the ongoing
use of the facility, or the ability to renew the facility again at the
appropriate times.
In December 2014, the group signed a £6 million term loan facility with
Santander. This new loan replaces the previous £5 million term facility and
overdraft held with Royal Bank of Scotland. The Loan is secured against the
Company's UK retail property portfolio. The new debt package has a five year
term and is repayable at the end of the term. The interest cost of the loan is
2.35% above LIBOR. At year-end an amount of £472,500 was held in a blocked
account by Santander UK PLC that relates to the new £6million loan facility.
The funds have been blocked in order to satisfy the bank that certain
conditions relating to the facility will be fulfilled. Subsequent to year end
these conditions have been fulfilled and Santander UK PLC have confirmed that
these funds will be released in the near future.
As a result of the completion of the above agreed banking facilities, the
Directors believe that the company has adequate resources to continue in
operational existence for the foreseeable future and that the company is well
placed to manage its business risks. Thus they continue to adopt the going
concern basis of accounting in preparing the annual financial statements.
International Financial Reporting Standards (IFRS)
The financial statements are prepared in accordance with International
Financial Reporting Standards and Interpretations in force at the reporting
date. These are prepared under the historic cost basis as modified by the
revaluation of investment properties and held for trading investments.
During 2014 the following accounting standards and guidance were adopted by the
group:
* Amendments to IAS 32 - Financial instruments: presentation - offsetting
financial assets and financial liabilities
* Amendments to IAS 39 - Novation of Derivatives and Continuation of Hedge
* IFRS 10 - 12 and IAS 27 - Investment entities and Joint Arrangements
* IFRIC 21 - Levies
The accounting treatment detailed in the above standards have not resulted in a
change of the Group's accounting policy and had no material impact on the
group's financial position, group structure or performance.
All other standards and interpretations that were mandatory for the accounting
period and were required to be adopted by the group either had no material
impact on the group's financial statements or were not relevant to the
operations of the group.
The group has not adopted any standards or interpretations in advance of the
required implementation dates. The following new or revised standards that are
applicable to the group were issued but not yet effective:
* IFRS 9 - Financial instruments
* IFRS 15 - Revenue from Contracts with Customers
* Amendments to IAS 16 and IAS 38 - Clarification of Acceptable Methods of
Depreciation and Amortisation
It is not expected that adoption of any standards or interpretations which have
been issued by the International Accounting Standards Board but have not been
adopted will have a material impact on the financial statements.
Key judgements and estimates
The directors consider their judgements and estimates surrounding the life of
the mine and its reserves to have the most significant effect on the amounts
recognised in the financial statements and to be the area where the financial
statements are at most risk of a material adjustment due to estimation
uncertainty. Areas where key estimates and judgements are considered to have a
significant effect on the amounts recognised in the financial statements
include:
Depreciation, amortisation of mineral rights, mining development costs and
plant & equipment
The annual depreciation/amortisation charge to operations, can fluctuate from
initial estimates. This could generally result when there are significant
changes in any of the factors or assumptions used in estimating mineral
reserves and resources which in turn affects the life of mine or the expected
life of reserves. Estimates of proven and probable reserves and resources are
prepared by suitable qualified experts. Assessments of depreciation/
amortisation rates against the estimated reserve and resource base are
performed regularly.
Provision for mining rehabilitation including restoration and de-commissioning
costs
A provision for future rehabilitation including restoration and decommissioning
costs requires estimates and assumptions to be made around the relevant
regulatory framework, the timing, extent and costs of the rehabilitation
activities and of the risk adjusted discount rates used to determine the
present value of the future cash outflows. The provisions including the
estimates and assumptions contained therein are reviewed regularly by
management.
Impairment
Property, plant and equipment are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying value may not be fully
recoverable. Future cash flow estimates are discounted using asset specific
discount rates and are based on expectations about future operations, primarily
comprising estimates about production and sales volumes, commodity prices,
reserves and resources, operating, rehabilitation and restoration costs and
capital expenditures. Changes in such estimates could impact recoverable values
of these assets. Estimates are reviewed regularly by management.
Fair value measurements of investment properties
An assessment of the fair value of assets and liabilities, in particular
investment properties, is required to be performed. In such instances, fair
value measurements are estimated based on the amounts for which the assets and
liabilities could be exchanged at the relevant transaction date or reporting
period end. To the extent possible, the assumptions and inputs used take into
account externally verifiable inputs. However, such information is by nature
subject to uncertainty. The directors note that the fair value measurement of
the investment properties, can be considered to be less judgemental where
external valuers have been used and as a result of the nature of the underlying
assets.
Basis of consolidation
The group accounts incorporate the accounts of Bisichi Mining PLC and all of
its subsidiary undertakings, together with the group's share of the results of
its joint ventures. Non-controlling interests in subsidiaries are presented
separately from the equity attributable to equity owners of the parent company.
When changes in ownership in a subsidiary do not result in a loss of control,
the non-controlling shareholders' interests are initially measured at the
non-controlling interests' proportionate share of the subsidiaries net assets.
Subsequent to this, the carrying amount of non-controlling interests is the
amount of those interests at initial recognition plus the non-controlling
interests' share of subsequent changes in equity. Total comprehensive income is
attributed to non-controlling interests even if this results in the
non-controlling interests having a deficit balance.
The definition of control according to IFRS 10 was applied during the year.
"Control" assumes the simultaneous fulfillment of the following three criteria:
* The parent company holds decision-making power over the relevant activities
of the investee,
* The parent company has rights to variable returns from the investee, and
* The parent company can use its decision-making power to affect the variable
returns.
Investees are analyzed for their relevant activities and variable returns, and
the link between the variable returns and the extent to which their relevant
activities could be influenced in order to ensure the definition is correctly
applied.
Revenue
Revenue comprises sales of coal and property rental income. Revenue is
recognised when delivery of the product or service has been made and when the
customer has a legally binding obligation to settle under the terms of the
contract and has assumed all significant risks and rewards of ownership.
Revenue is only recognised on individual sales of coal when all of the
significant risks and rewards of ownership have been transferred to a third
party. In most instances revenue is recognised when the product is delivered to
the location specified by the customer, which is typically when loaded into
transport, where the customer pays the transportation costs.
Rental income which excludes services charges recoverable from tenants, is
recognised in the group income statement on a straight-line basis over the term
of the lease. This includes the effect of lease incentives.
Investment properties
Investment properties comprise freehold and long leasehold land and buildings.
Investment properties are carried at fair value in accordance with IAS 40
`Investment Properties'. Properties are recognised as investment properties
when held for long-term rental yields, and after consideration has been given
to a number of factors including length of lease, quality of tenant and
covenant, value of lease, management intention for future use of property,
planning consents and percentage of property leased. Investment properties are
revalued annually by professional external surveyors and included in the
balance sheet at their fair value. Gains or losses arising from changes in the
fair values of assets are recognised in the consolidated income statement in
the period to which they relate. In accordance with IAS 40, investment
properties are not depreciated. Properties held for use in the business are not
recognised as investment properties and are held at depreciated historical
cost.
The fair value of the head leases is the net present value of the current head
rent payable on leasehold properties until the expiry of the lease.
Mining reserves, plant and equipment
The cost of property, plant and equipment comprises its purchase price and any
costs directly attributable to bringing the asset to the location and condition
necessary for it to be capable of operating in accordance with agreed
specifications. Freehold land is not depreciated. Other property, plant and
equipment is stated at historical cost less accumulated depreciation.
Provisions
Provisions are recognised when the group has a present obligation as a result
of a past event which it is probable will result in an outflow of economic
benefits that can be reliably estimated.
A provision for rehabilitation of the mine is carried at present value and is
provided for over the life of mine. The provision includes the restoration of
the underground, opencast, surface operations and de-commissioning of plant and
equipment and is estimated to be utilised at the end of the life of mine of the
group. The timing and final cost of the rehabilitation is uncertain and will
depend on the duration of the mine life and the quantities of coal extracted
from the reserves.
Mine reserves and development cost
The purpose of mine development is to establish secure working conditions and
infrastructure to allow the safe and efficient extraction of recoverable
reserves. Depreciation on mine development is not charged until production
commences or the assets are put to use. On commencement of full production,
depreciation is charged over the life of the associated mine reserves on a unit
of production basis.
Surface mine development
Expenditure incurred prior to the commencement of working surface mine sites,
net of any residual value and taking into account the likelihood of the site
being mined, is capitalised within property, plant and equipment and charged to
the income statement over the life of the recoverable reserves of the scheme.
Other assets and depreciation
The cost, less estimated residual value, of other property, plant and equipment
is written off on a straight-line basis over the asset's expected useful life.
Residual values and useful lives are reviewed, and adjusted if appropriate, at
each balance sheet date. Changes to the estimated residual values or useful
lives are accounted for prospectively. Heavy surface mining and other plant and
equipment is depreciated at varying rates depending upon its expected usage.
The depreciation rates generally applied are:
Mining equipment The shorter of its useful life or the life of the mine
Mining reserves Over the expected life of the reserves using the units of
production basis
Motor vehicles 25-33 per cent per annum
Office equipment 10-33 per cent per annum
Employee benefits
Share based remuneration
The company operates a share option scheme. The fair value of the share option
scheme is determined at the date of grant. This fair value is then expensed on
a straight-line basis over the vesting period, based on an estimate of the
number of shares that will eventually vest. The fair value of options granted
is calculated using a binomial or Black-Scholes-Merton model. Details of the
share options in issue are disclosed in the Directors' Remuneration Report on
page 29 under the heading Share option schemes which is within the audited part
of that report.
Pensions
The group operates a defined contribution pension scheme. The contributions
payable to the scheme are expensed in the period to which they relate.
Foreign currencies
Monetary assets and liabilities are translated at year end exchange rates and
the resulting exchange rate differences are included in the consolidated income
statement within the results of operating activities if arising from trading
activities and within finance cost/income if arising from financing.
For consolidation purposes, income and expense items are included in the
consolidated income statement at average rates, and assets and liabilities are
translated at year end exchange rates. Translation differences arising on
consolidation are recognised in other comprehensive income. Where foreign
operations are disposed of, the cumulative exchange differences of that foreign
operation are recognised in the consolidated income statement when the gain or
loss on disposal is recognised.
Transactions in foreign currencies are translated at the exchange rate ruling
on transaction date.
Financial instruments
The group classifies financial instruments, or their component parts, on
initial recognition as a financial asset, a financial liability or an equity
instrument in accordance with the substance of the contractual arrangement.
Bank loans and overdrafts
Bank loans and overdrafts are included as financial liabilities on the group
balance sheet at the amounts drawn on the particular facilities net of the
unamortised cost of financing. Interest payable on those facilities is expensed
as finance cost in the period to which it relates.
Finance lease liabilities
Finance lease liabilities arise for those investment properties held under a
leasehold interest and accounted for as investment property. The liability is
initially calculated as the present value of the minimum lease payments,
reducing in subsequent reporting periods by the apportionment of payments to
the lessor.
Interest rate derivatives
The group uses derivative financial instruments to manage the interest rate
risk associated with the financing of the group's business. No trading in such
financial instruments is undertaken. At each reporting date, these interest
rate derivatives are recognised at fair value, being the estimated amount that
the group would receive or pay to terminate the agreement at the balance sheet
date, taking into account current interest rates and the current credit rating
of the counterparties. The gain or loss at each fair value re-measurement is
recognised immediately in the income statement.
Available for sale investments
Financial assets/liabilities available for sale or held for short-term gain are
measured at fair value and movements in fair value are charged/credited to the
statement of comprehensive income in the period.
Trade receivables
Trade receivables do not carry any interest and are stated at their nominal
value as reduced by appropriate allowances for estimated recoverable amounts as
the interest that would be recognised from discounting future cash payments
over the short payment period is not considered to be material.
Trade payables
Trade payables are not interest bearing and are stated at their nominal value,
as the interest that would be recognised from discounting future cash payments
over the short payment period is not considered to be material.
Other financial assets and liabilities
The groups other financial assets and liabilities not disclosed above are
accounted for at amortised cost.
Joint ventures
Investments in joint ventures, being those entities over whose activities the
group has joint control, as established by contractual agreement, are included
at cost together with the group's share of post-acquisition reserves, on an
equity basis. Joint control is the contractually agreed sharing of control over
an arrangement, which exists only when decisions about relevant strategic and/
or key operating decisions require unanimous consent of the parties sharing
control. Control over the arrangement is assessed by the group in accordance
with the definition of control under IFRS 10
Inventories
Inventories are stated at the lower of cost and net realisable value. Cost
includes materials, direct labour and overheads relevant to the stage of
production. Net realisable value is based on estimated selling price less all
further costs to completion and all relevant marketing, selling and
distribution costs.
Other investments
Other investments that do not have a quoted market price in an active market
and whose fair value cannot be reliably measured are recognised at cost less
any provision for impairment.
Impairment
Whenever events or changes in circumstance indicate that the carrying amount of
an asset may not be recoverable an asset is reviewed for impairment. A review
involves determining whether the carrying amounts are in excess of their
recoverable amounts. An asset's recoverable amount is determined as the higher
of its fair value less costs of disposal and its value in use. Such reviews are
undertaken on an asset-by-asset basis, except where assets do not generate cash
flows independent of other assets, in which case the review is undertaken on a
company or group level.
If the carrying amount of an asset exceeds its recoverable amount An asset's
carrying value is written down to its estimated recoverable amount (being the
higher of the fair value less cost to sell and value in use) if that is less
than the asset's carrying amount. Any change in carrying value is recognised in
the comprehensive income statement.
Deferred tax
Deferred tax is the tax expected to be payable or recoverable on differences
between the carrying amounts of assets and liabilities in the financial
statements and the corresponding tax bases used in the tax computations, and is
accounted for using the balance sheet liability method. Deferred tax
liabilities are generally recognised for all taxable temporary differences and
deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available against which deductible temporary
differences can be utilised. In respect of the deferred tax on the revaluation
surplus, this is calculated on the basis of the chargeable gains that would
crystallise on the sale of the investment portfolio as at the reporting date.
The calculation takes account of indexation on the historical cost of the
properties and any available capital losses.
Deferred tax is calculated at the tax rates that are expected to apply in the
period when the liability is settled or the asset is realised. Deferred tax is
charged or credited in the group income statement, except when it relates to
items charged or credited directly to other comprehensive income, in which case
it is also dealt with in other comprehensive income.
Dividends
Dividends payable on the ordinary share capital are recognised as a liability
in the period in which they are approved.
Cash and cash equivalents
Cash comprises cash in hand and on-demand deposits. Cash and cash equivalents
comprises short-term, highly liquid investments that are readily convertible to
known amounts of cash and which are subject to an insignificant risk of changes
in value and original maturities of three months or less. The cash and cash
equivalents shown in the cashflow statement are stated net of bank overdrafts.
Segmental reporting
For management reporting purposes, the group is organised into business
segments distinguishable by economic activity. The group's only business
segments are mining activities and investment properties. These business
segments are subject to risks and returns that are different from those of
other business segments and are the primary basis on which the group reports
its segment information. This is consistent with the way the group is managed
and with the format of the group's internal financial reporting. Significant
revenue from transactions with any individual customer, which makes up 10
percent or more of the total revenue of the group, is separately disclosed
within each segment.
notes to the financial statements
for the year ended 31 December 2014
1. Segmental reporting
2014
Business analysis Mining Property Other Total
£'000 £'000 £'000 £'000
Significant revenue 12,607 - - 12,607
customer A
Significant revenue 6,455 - - 6,445
customer B
Significant revenue 1,793 - - 1,793
customer C
Other revenue 4,681 931 33 5,645
Segment revenue 25,536 931 33 26,500
Operating profit 864 699 31 1,594
before fair value
adjustments &
exchange movements
Revaluation of (143) (6) (81) (230)
investments &
exchange movements
Operating profit/ 721 693 (50) 1,364
(loss) and segment
result
Segment assets 12,058 12,546 2,797 27,401
Unallocated assets
- Non-current 36
assets
- Cash & cash 2,838
equivalents
Total assets 30,275
excluding
investment in joint
ventures
Segment liabilities (6,698) (1,301) (14) (8,013)
Borrowings (60) (5,973) - (6,033)
(6,758) (7,274) (14) (14,046)
Unallocated (2,448)
liabilities
Total liabilities (16,494)
Net assets 13,781
Investment in joint 3,938
ventures non
segmental
Net assets as per 17,719
balance sheet
Geographic analysis United South Other Unallocated Total
Kingdom Africa £'000 £'000 £'000
£'000 £'000
Revenue 964 25,536 - - 26,500
Operating profit/(loss) and segment 643 721 - - 1,364
result
Non-current assets excluding investments 11,780 6,030 - 24 17,834
Total net assets 6,051 5,296 17 6,355 17,719
Capital expenditure 26 1,877 - - 1,903
2013
Business analysis Mining Property Other Total
£'000 £'000 £'000 £'000
Significant revenue customer A 12,981 - - 12,981
Significant revenue customer B 7,448 - - 7,448
Significant revenue customer C 6,829 - - 6,829
Other revenue 6,859 953 35 7,847
Segment revenue 34,117 953 35 35,105
Operating profit before fair value adjustments & 335 649 33 1,017
exchange movements
Revaluation of investments & exchange movements (880) (53) 39 (894)
Operating profit/(loss) and segment result (545) 596 72 123
Segment assets 15,849 11,557 2,823 30,229
Unallocated assets
- Non-current assets 46
- Cash & cash equivalents 1,707
Total assets excluding investment in joint ventures 31,982
Segment liabilities (8,816) (1,010) (22) (9,848)
Borrowings (33) (5,098) - (5,131)
(8,849) (6,108) (22) (14,979)
Unallocated liabilities (4,235)
Total liabilities (19,214)
Net assets 12,768
Investment in joint ventures non segmental 4,219
Net assets as per balance sheet 16,987
Geographic analysis United South Other Unallocated Total
Kingdom Africa £'000 £'000 £'000
£'000 £'000
Revenue 988 34,117 - - 35,105
Operating profit and segment result 668 (545) - - 123
Non-current assets excluding investments 11,765 7,050 - 36 18,851
Total net assets 5,969 7,248 43 3,726 16,986
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